Special Notice

If you are a Law School student and have received a letter from your financial aid lender indicating that you have withdrawn from Drake:

Message last updated approximately 8:30am, Thurs, March 3, 2011:

Update - Thurs, March 3

Late yesterday, I spoke with Great Lakes to check on the enrollment status of four Law School students.  In all four cases, Great Lakes said their status had changed from "withdrawn" to "full-time" either late Tuesday or on Wednesday.  They told me that such students would receive a letter in the mail (probably dated 3/3/11) that indicates their loan status will have changed back to either "in-school deferment" or "continuous education," depending on the type of the loan.

 

They also reminded me that you can log in to their web site at mygreatlakes.org.  If you don't have an online account with them, you can create one by answering a few security questions.

 

Update - Tues, March 1

I spoke with Iowa Student Loan.  My understanding is that, similarly with FedLoan Servicing, they received one notification of a "withdrawn" status and then received a notification of "full-time" status five days later.  Thus, the problem resolved itself.

 

I'm also told that Iowa Student Loan generates a letter to the borrower every time the borrower's status changes.  Therefore, if you received a letter from them indicating your "withdrawn" status, you should expect another letter from them that indicates your "full-time" (or "half-time," etc.) status approximately five business days later.  (Note: for "partnership loans," the process is manual and takes a bit longer to resolve.) 

 

My recommendation is that if you do not receive an updated letter from Iowa Student Loan within six business days of having received a "withdrawn" letter, please contact me as soon as possible.

 

Background

It appears that an enrollment file that Drake sent to the National Student Clearinghouse (the organization which notifies lenders of students’ enrollment status) was processed incorrectly.  The Clearinghouse caught the error and corrected it within five days.

 

However, in the meantime, FedLoan Servicing had notified some students of payments due.  I have contacted FedLoan Servicing on behalf of several affected students, and for each of them, FedLoan Servicing reported that they had already updated their enrollment status and had mailed them an updated letter.

 

Therefore, I am confident that the issue with this particular lender has resolved itself, and you should be receiving this updated letter from FedLoan Servicing within the next day or two. 

 

 

What should I do about it?

You can expect FedLoan Servicing's follow-up letter to arrive in your mail within the next few days.  However, you may also:

  • Contact FedLoan Servicing directly at 800-699-2908.  I suspect that they already have updated your enrollment status. 
  • You may visit their web site (http://myfedloan.org/) and view your enrollment status at any time.  My understanding is that if you do not have a web account with them that you can create one on their site.
  • If you'd like me to contact them on your behalf, I am willing to do so.  Each time I have contacted them so far regarding this issue, they already had each student's updated enrollment information.

 

 

Who should I call if I have questions?

You may contact your particular lender, or contact me directly at 515-271-3902 or kevin.moenkhaus@drake.edu.

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